The private space sector in India has been experiencing rapid growth and transformation, characterized by the emergence of numerous prominent companies that have made substantial advancements in the space industry, because the Government is focusing more on space technology and private companies are joining in, space-related stocks seem like a good investment for the future. The Indian Prime Minister highlighted the important role of the private sector in India’s entry into the global space industry. With the Indian Space Research Organization (ISRO) already the sixth largest space agency in the world, India is poised for even greater growth.
Currently, more than 400 technology organizations, ranging from large Indian companies to SMEs, are actively collaborating with ISRO. Together, they are focusing on sub-programming for space launches and strengthening ground infrastructure, key steps to increase India’s footprint in space exploration. A major development in this endeavor is the setting up of Newspace India Ltd (NSIL), which is tasked to act as the central public agency for the commercial demand and supply of space assets and services Includes NSIL’s master plan includes capital investments of $1.2 billion over the next five years. This investment commitment is aimed at increasing corporate participation and spurring commercial activities in the sector, and shows a promising direction for India’s space ambitions.
India’s space industry is known for creating affordable satellites and achieving remarkable feats, currently contributing around 2-3% to the global space economy, India aims to increase its share to over 10% by 2030. The Indian space economy is projected to reach a value of $13 billion by the year 2025.
India announced its new Space Policy:
In June 2020, the Indian government introduced a new space policy that allowed private companies to be part of the space industry. This policy has a few goals: to get more private money invested in space, to support new ideas and businesses in space technology, to make a lively space community in India, and to make India really strong in space and a top player in the world’s space business. Foreign investors now have the opportunity for complete ownership and operation of satellite ventures, thanks to the government’s policy allowing 100% Foreign Direct Investment (FDI) in satellite establishment and operations.
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There are more than 140 startups registered with the Indian Space Research Organisation (ISRO): Union Minister Dr Jitendra Singh
According to Data from Press Information Bureau, Government Of India, The Union Minister of State (Independent Charge) for Science and Technology, Dr. Jitendra Singh said here today that with more than 140 space launches in a short span of time, India has got good footing and the world is starting to recognize India’s capabilities and capabilities space technology. Hailing the private sector, Dr Jitendra Singh termed their upcoming role as “important” for the space economy.
Top 5 Indian Space Tech Startups and its Growth Potential:
Union Minister Dr. Jitendra Singh shared that in the last nine months from April to December 2023, India has seen over Rs. 1,000 crore invested in Space Startups. He mentioned that just four years ago, there was only one startup in the space sector, but now there are almost 190 private space startups. These startups are now becoming entrepreneurs themselves. Dr. Singh also noted that in 2014, there were only about 350 startups in total, but today there are around 130,000 startups, including some big successes called Unicorns.
Here are Top Five Indian space startups that have seen their growth potential in recent months:
1. Skyroot Aerospace:
Skyroot Aerospace is a new Indian Private Space Company, founded in 2018 by Pawan Kumar Chandana and Naga Bharath Daka, Skyroot is a company that specializes in building space launch vehicles. They made history on becoming the first private Indian company to successfully launch a rocket into space. This achievement was marked by the launch of their Vikram-S rocket from the Satish Dhawan Space Centre in Sriharikota. Skyroot had previously tested India’s first privately developed cryogenic rocket, the Dhawan 1, a year prior to this milestone.
Skyroot has been successful in raising over $66 million. The majority of this funding, amounting to $51 million, was secured during Skyroot’s Series B funding round.
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2. Agnikul Cosmos:
Agnikul Cosmos is an Indian startup focusing on building small satellite launch vehicles. They aim to provide dedicated launch services for small satellite customers globally. Established in 2017, It aims to help lots of people from around the world who want to put small satellites in space. They’re also working on rockets that are more efficient, which means they use less energy. This makes it easier for everyone to use space for things like talking on phones and looking at Earth from above.
Agnikul built its own launchpad and control center at Sriharikota. With $40 million raised across seven rounds, its latest funding of $26.7 million came. Notable investors include Sriram Krishnan, Anand Mahindra, Nithin Kamath, and Naval Ravikant. Agnikul partners with ISRO and IN-SPACe
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3. Dhruva Space:
Established in 2012 by Sanjay Nekkanti, Dhruva Space is a Hyderabad-based spacetech startup. It offers integrated solutions for space applications, including satellites and launch services. Dhruva achieved milestones by securing orders for space-qualified solar arrays and developing satellite deployment systems compatible with the PSLV launch vehicle.
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4. Pixxel:
Pixxel is a startup working on building a constellation of Earth observation satellites to provide global real-time imaging. Their satellites are intended to assist various industries, including agriculture, forestry, and disaster management. Founded in 2019 by BITS Pilani alumni Awais Ahmed and Kshitij Khandelwal, Bengaluru-based Pixxel is developing a constellation of high-resolution hyperspectral imaging satellites. These satellites provide AI-powered insights to tackle climate issues in real time. Pixxel recently launched its third satellite, Anand, With over $25 million secured in funding, including a strategic round from Accenture, Pixxel aims to be a leader in commercial satellite data sales.
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5. Bellatrix Aerospace:
Bellatrix Aerospace specializes in building electric propulsion systems for satellites. Electric propulsion is more efficient than traditional chemical propulsion and extends the operational life of satellites. Established in 2015 by Rohan M Ganapathy and Yashas Karanam, Bellatrix Aerospace is a spacetech startup focused on developing advanced propulsion systems. They aim to make space more accessible and affordable for various applications. With $11.1 million raised across four rounds led by ANIC-ARISE.
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